BMI View: Multinational pharmaceutical companies will increasingly experience the negative currencyimpact of Venezuela's recent reforms which will allow for much more rapid currency depreciation for theSimadi rate. It is our long-standing view that currency devaluations, price controls, import and foreigncurrency controls and hyper inflation, as well as other structurally distorting policies in Venezuela, willcontinue to plague the country's pharmaceutical market in 2016.Headline Expenditure Projections

- Pharmaceuticals: VEB88.7bn (USD3.0bn) in 2015 to VEB259.6bn (USD950mn) in 2016; +192.6% inlocal currency terms and -68.6% in US dollar terms. Forecast has been maintained with Q216 in localcurrency terms.

- Healthcare: VEB297.3bn (USD10.2bn) in 2015 to VEB838.7bn (USD12.9bn) in 2016; +182% in localcurrency terms and +27.0% in US dollar terms. Forecast has been revised upward from Q216 due tonewly released historical data.

Emerging Business Models Drive Transformation The key objective of this research is to provide in-depth knowledge of the major global pharmaceutical CMO market segments—active pharmaceutical ingredients ...